Speaker Andrew Graham, senior director of insurance at President’s Choice Financial, focused his talk on financial planning and budgeting for the startup CEO.

Good finances are important for running a successful startup, as they are a sign of a sustainable business model and make it easier to pay bills and put money in your pocket. However, managing finances can be a daunting task for many entrepreneurs. In his talk, Andrew explained how to spend less time focusing on numbers and more time on growing your business.

Using case studies, Andrew defined and examined three tools for financial planning:

income statements;

cash flow forecasts; and

balance sheets.

More importantly, he explained how these tools differ from each other and how to avoid common pitfalls when analyzing these statements.

This is just a start to understanding financial planning. If you need specific advice for your company, it is important to turn to the experts. MaRS offers advisory services that cover a range of topics, including financial management and accounting.